budget

Definition

An itemized forecast of an individual's or company's income and expenses expected for some period in the future. With a budget, an individual is able to carefully look at how much money they are taking in during a given period, and figure out the best way to divide it among a variety of categories. When making a personal budget, an individual will typically designate the appropriate amount of money to fixed expenses such as rent, car payments, or utility bills, and then make an educated estimation for how much money they will spend in other categories, such as groceries, clothing, or entertainment. By keeping track of where one's money goes, one may be less likely to overspend, and more likely to meet their financial goals.

Use budget in a sentence

Our budget was fixed and we could not spend too much, or we would go into debt again, which would not be good.

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In order to stay within their budget, some employees would have a small cut in their hours for the current pay period.

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The budget provided a useful snapshot of the financial picture of the health of the firm in a quantitative and measurable way.

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